Brooklyn Bankruptcy Lawyer

Brooklyn Bankruptcy Lawyer: 

If you are riddled down with debt and are not able to do the things you once loved in Brooklyn like taking a walk through infamous Coney Island and eating a hotdog at Nathan’s or walking across the Williamsburg Bridge and grabbing a slice of pizza at Grimaldi’s Pizzeria then you have come to the right place. Many individuals in Brooklyn face issues relating to debt every day. With the high cost of living in Brooklyn, it is hard for many workers to make ends meet. If you are struggling financially and need help you have come to the right place. Karra L. Kingston Esq. is a Brooklyn bankruptcy lawyer that helps many individuals get out of debt. Karra can walk you through the process of filing bankruptcy in Brooklyn so that you feel at ease. 

If you decide that you want to file a Brooklyn bankruptcy then it is a good idea to begin educating on yourself on the process. Bankruptcy is a way to help people who are struggling financially get relief. Bankruptcy laws were enacted to help the unfortunate debtor who fell into hard times. No one can predict the future and sometimes unfortunate things happen to good people. Bankruptcy provides a way for individuals to eliminate their debt and start their life over. 

How Does the Brooklyn Bankruptcy Process Work?

If you decide to file a New York bankruptcy then you will first need to meet with a Brooklyn bankruptcy lawyer. A Brooklyn bankruptcy lawyer can help you understand the process and walk you through the steps. If you decide to hire a Brooklyn bankruptcy lawyer, you should have readily available your finances so that you can give the lawyer an insight into your current financial situation. We provide our clients with a free consultation to help determine if bankruptcy is the right option. 

How Can Filing a Brooklyn Bankruptcy Help Me?

Here is a shortlist of how filing bankruptcy in New York can help people who are struggling financially:

  • Bankruptcy can stop wage garnishments immediately – As soon as your New York bankruptcy is filed an automatic stay is implemented which stops creditors from going after you. 
  • Bankruptcy can stop a foreclosure – If you are worried you are going to lose your home due to a foreclosure filing a New York bankruptcy can stop the auction of your home immediately 
  • Bankruptcy can wipe out all of your debt – If you have large sums of debt from credit cards, medical bills, repossessions, and personal loans bankruptcy can wipe this debt out instantly. 
  • Bankruptcy can allow you to begin saving your money again – as soon as you file a New York bankruptcy you can start putting money away so that you don’t have to live paycheck to paycheck. 
  • Bankruptcy can raise your credit score and help you build your credit – When you file bankruptcy your debt is erased which makes your debt to income ratio much lower allowing your credit score to go up. Many people are under a misguided impression that filing bankruptcy affects your credit score negatively, this is not true.

Here are more advantages to filing a Brooklyn Bankruptcy. 

What Are the Different Chapters of Bankruptcy in Brooklyn? 

Individuals and businesses looking to file bankruptcy in Brooklyn will need to determine which chapter they qualify for. A good Brooklyn bankruptcy lawyer will be able to help you determine that. Below is a brief explanation of the three chapters you can file: 

Chapter 7 Bankruptcy: A Chapter 7 bankruptcy in Brooklyn is for individuals and businesses with little to no assets. A chapter 7 bankruptcy wipes out the debt so that you can start over. In order to qualify for a Chapter 7 bankruptcy, you must qualify under the means test. The means test was enacted by Congress to stop high wage earners from filing bankruptcy. The means test takes your household income and compares it to a household income of a similar size. Our Brooklyn bankruptcy lawyers can help you see if you qualify for a chapter 7 bankruptcy. If you determine that you are over the median household income, don’t panic! There is a second part of the test which allows individuals to deduct certain expenses. Our bankruptcy lawyers will work with you to ensure that you are including all of the reasonable expenses. 

Chapter 13 Bankruptcy: A chapter 13 bankruptcy, is for individuals and businesses who are high wage earners and have assets. To file a Chapter 13 bankruptcy in Brooklyn you must be able to make payments into a plan. The plan usually extends three to five years. In some cases, you may not have to pay back all of your debt. Our bankruptcy lawyers will work with you to come up with a feasible plan. 

Chapter 11 bankruptcy: A chapter 11 bankruptcy, is for businesses. Chapter 11 bankruptcy allows businesses to stay open while they reorganize their affairs. 

What Happens After I Meet With a Brooklyn Bankruptcy Lawyer? 

Once you meet with your Brooklyn bankruptcy lawyer and they decide which chapter of bankruptcy you should file, they will create a petition and file your case in the Eastern District of New York which is located in Brooklyn. You will have to attend a hearing within three to six weeks of the filing of the petition. Your bankruptcy lawyer should prepare you to make sure that you are ready to go. 

How Long Does It Take To File a Brooklyn Bankruptcy?

A Brooklyn bankruptcy will typically take 4 months to complete if you end up filing a chapter 7 bankruptcy. If, however, you have to file a Chapter 13 bankruptcy it can take much longer as your plan will be three to five years depending on your income. 

Why Should I Hire Karra L. Kingston Esq to File Bankruptcy?

Karra L. Kingston is a New York attorney that has helped people from all walks of life file bankruptcy and get a fresh start. Karra L. Kingston remains committed to helping her clients get out of debt and stop creditors from harassing them. When you hire Karra you will get top-notch customer service. Karra L. Kingston Esq. provides free consultations telephonically and payment plans. You can call us today at (973)-979-9078 for a free consultation or email us at Karra@klkbankruptcylawyer.com

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